Replies to post #371279 on NanoTech Entertainment Inc (NTEK)

[Arthur]

Also, it is financial fraud to put a $21M Note Receivable asset on your financials, when there was no such contract signed. And no, Letters of Intent are not Assets.

The $21M was also booked as a $21M Convertible Note Payable liability. What were the terms of the Note ? The interest rate ? The maturation rate ? Does it converts into shares at a fixed rate, or at a floorless discount ? What are the penalties ?

None of those details appear in the Financials. Standard practice is to happen the entire Note contract to your financials. How else could the shareholders figure out if the conditions of that loan are good or bad for the long-term value of the stock ?

No company officer bothered to sign those financials, but in the Disclosure Statement, the company officers were listed as

Jeffrey A. Foley, Chairman
Philip Foley, Director

There are severe penalties for filing bogus financial statements.

[B402]

Fraud Indeed,,,Yet???? LongSide Listened to The CC

And Another Bridgeport Inquiry
Was Made by the Court

If Any One Pushes This Hard enough
To end up With Criminal Charges
It Will be Longside,,They
Really want Foley's Butt

K2 Seems to have cut their Losses
Unwilling to pay anymore legal Fees
(They even Mentioned Fraud in Their Case)

I would have Thought Foley would have
Quit the Bridgeport Bit,,,,Yet The SHM was
Based on it,,And Again on the CC

Maybe After he Put it On Financials
He Doesn't want to Back Off

We know He was Trying to set up
Another Financing Shell At the Kruse
Address Called Monet,,,Maybe he Thought
He'd Finance The Co again.....?????

Who Knows
The Biggest Reason He was Charged Before
Was that he Pirated From Companies like GameCo
Here he has only Stiffed Foxconn (simple Agreement)
K2 and The Kaplan Boys,,,,No Big Names

I Mean Chit
He Ran this Scam Right Under DOJs Nose,,Literally

I wish Logic Prevaled, Maybe it Still Will
I've Seen All Too Many Get Away With
Scams Run like This One

[underdog150]

It's no wonder Foley was pissed about the court documents filed from Gulas that mentioned the Bridgeport loan. He claimed that information was proprietary and filed multiple emergency motions with the court to have it quashed.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=133918643

And I guess the court agreed, because they are no longer available.
David was fine putting the $21 million on NTEK's financials, but was scared shitless when Gulas revealed the actual company in court docs.
--------------------
But re-using Bridgeport is bright-line fraud.

If a criminal referral for fraud came down after the Gulas data dump, on the basis of Bridgeport not existing and Steve Orifice not signing that document at all, Foley might have been able to claim that he himself was bamboozled by some con man calling himself Steve Orifice.

That's a whole heck of a lot harder to argue after more than a year. We're to believe that never, in over a year of negotiations for $21 million, did it ever occur to Foley to try calling the number that's printed clearly on the Bridgeport letter of intent, and thereby discover that it's disconnected and that Bridgeport does not exist.

So much safer, then, to make up some vague investor company name and don't give people any contact information.

This is a clearer and sharper bit of evidence of fraud than taking photos of empty NP-1 boxes and claiming that 60,000 units were already in the retail chain.